Posts Tagged "marketing metrics"
Why You Should Benchmark Real Estate Marketing Against Competitive Properties
Taking the time to benchmark real estate marketing gives you context for your performance — and shows you what prospective buyers/tenants see when searching for properties.
When people are searching the internet for apartments or condos, what are they seeing? Part of an effective, data-driven marketing strategy is regularly taking the time to benchmark real estate marketing against competitive properties.
We all know that competition drives results. Take Elaine Thompson and Michael Phelps. In August 2016, Thompson claimed the title of the world’s fastest woman, and Michael Phelps became the most decorated Olympian of all time. They achieved these incredible feats by continuously pushing themselves to do better — and they weren’t just tracking and measuring their personal performance. They were keeping track of the performance of their peers and competitors. The data helped to give them the drive they needed to improve their own performance.
Why benchmark real estate marketing?
The same is true when it comes to measuring real estate marketing performance.
Looking inward, focusing on key performance indicators (KPIs) like website traffic, social media engagement, and lead conversion metrics is important. But these metrics will only get you so far.
You need to be looking at what’s happening outside your business and benchmark real estate marketing performance against competitive developments, properties, and even companies. That way, you’ll get the knowledge and drive you need to improve your performance and chance of success.
In addition, keeping track of what your competitors are doing can help you to identify threats and strategic opportunities for your properties. If you see that everyone is advertising on Trulia, for example, and you’re not, you might want to think about trying it. Or, you might notice that no one in your market is leveraging Facebook Marketplace property listings yet. Is this a place where you could gain strategic advantage?
Who should you be benchmarking against?
While the obvious choice is to benchmark against properties that directly compete with yours, it’s also a great idea to benchmark real estate marketing against market leaders. By taking this more global view, you can gain ideas and intelligence from top performers in your area. You may learn something that you can bring to your property’s marketing plan that will help edge out your competition.
Related posts:
- What Metrics Should You Track in Real Estate Marketing?
- Social Media Can Be a Strategic Weapon in Real Estate Marketing
- How Pay-Per-Click Helped This Property Get 54 Leads
Posts Tagged "marketing metrics"
What Metrics Should You Track in Real Estate Marketing?
Our monthly marketing reporting template for real estate will help you measure success, drive strategy, and demonstrate ROI.
Traditional real estate marketing involved a lot of “post and pray.” That is, marketers would place ads in local publications, on billboards, and with other traditional media outlets and hope that buyers and tenants would read them and take interest.
With digital marketing, we can do so much more. Real estate marketers can measure the success of their efforts — if they’re tracking the right numbers.
Measuring success
To effectively sell or lease property, you need to take a comprehensive, data-driven approach to marketing. Metrics enable you to measure success, drive strategy, and demonstrate the ROI of your marketing efforts.
You need to know that what you’re doing is working (or not) so that you can adjust your marketing strategy as necessary. And you need a visual, executive-friendly way to show your bosses or investors that the marketing dollars you’re spending are paying off. We’ve got you covered.
Monthly marketing reporting template
We’ve created a monthly marketing reporting template just for real estate businesses. This template tracks your marketing metrics and generates graphs you can use in reporting and presentations.
Metrics captured in the template include:
- Total website visits
- Website visits by source
- Leads
- Leads by source
- Investors
- Investors by source
- Visit-to-lead conversion rate
- Lead-to-investor conversion rate
- Ranking
- Competitive analysis
The template (an Excel document) will save you time figuring out which metrics to track… not to mention, how to present them to your boss/investors. It’s very easy to use, but feel free to reach out to us if you have any questions or need us to walk you through it. We’re here to help.
Start tracking the right metrics in real estate marketing and improve your marketing efforts by downloading our Monthly Marketing Reporting Template below.
Related posts:
-
The Metrics You Should Be Measuring in Real Estate Marketing (Hint: Not Vanity Metrics)
-
Social Media Can Be a Strategic Weapon in Real Estate Marketing
- How Pay-Per-Click Helped This Property Get 54 Leads
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